The National Association of Insurance Commissioners picked a former Pennsylvania Insurance Commissioner as its new CEO.
Michael Consedine, who will take on his new role in early 2017, said in prepared remarks that he is “honored” to become NAIC’s CEO “during such an important time for state-based insurance regulation.”
He added that his “experience as an attorney, insurance commissioner and executive will provide a solid foundation as we advance the work of the NAC to safeguard insurance regulation and protect consumers.”
As NAIC’s new CEO, he’ll lead the NAIC’s Washington, D.C. offices, with a focus on state and federal government affairs and international activities. He’ll also advocate for NAIC members, and handle outreach to federal and international policymakers, state government associations, and consumer/industry representatives.
Consedine was initially appointed by Pennsylvania insurance commissioner by Republican Gov. Tom Corbett in January 2011, and stepped down in early 2015 when Democratic Gov.-elect Tom Wolf replaced Corbett.
Most recently, Consedine has been senior vice president and global head of Government and Policy affairs for Aegon, one of the world’s largest financial services companies.
Consedine has also been active with NAIC in previous years. He served various roles as an NAIC officer from 2013 through 2015, including president-elect, vice president and secretary-treasurer. During his previous time with NAIC, he chaired the International Insurance Relations (G) Committee, the Reinsurance (E) Task Force and the Health Care Reform Alternatives Working Group. As well, Consedine was also the NAIC’s representative to the EU-U.S. Insurance Dialogue Steering Committee, and was active in the International Association of Insurance Supervisors (IAIS), where he served on their Executive Committee.
Andy Beal, currently NAIC’s acting CEO, will continue as chief operating officer and chief legal officer, overseeing the Kansas City and New York officers and managing the day-to-day operations of the organization.
Insurance industry trade associations were effusive in their praise of Consedine’s appointment.
“As the former insurance commissioner of Pennsylvania, [Consedine] … clearly understands the importance of preserving the state-based system of insurance regulation, making him well-positioned to represent U.S. regulators internationally,” Neil Alldredge, senior vice president of state and policy affairs for the National Assocaition of Mutual Insurance Companies, said in prepared remarks.
Leigh Ann Pusey, president and CEO of the American Insurance Association, said Consedine established an honorable track record in insurance regulation while he was Pennsylvania insurance commissioner.
“Throughout his tenure as Pennsylvania Commissioner, he worked at ensuring that a proper balance was struck between regulating insurers and representing the best interests of policyholders,” Pusey said in a prepared statement. “We look forward to working with him, and collaborating with the NAIC, in a way that seeks to address the public policy issues facing property/casualty insurers.”
Sources: NAIC, NAMIC, AIA